Trying to Buy into Bitcoin so I Can Trade - I Need Help
SteemIt is an unusual place which combines blogging and writing with the cryptocurrency world. Two worlds that have not usually been linked. One of the reasons I was interested in SteemIt, was I mined some bitcoin once, but I had no idea what I was doing, and I didn't even keep my wallet.
Now I find myself listening to Steemspeak, and I find I want to trade and play the game. I am sure I am not the only blogger on here who doesn't feel confident in the coin and trading side of this.
Last night I decided I would get a wallet and buy some Bitcoin. There are a lot of wallets and a lot of exchanges, and I found there was so much I didn't understand. Since we are dealing with money and credit cards, I got worried about scams. I know in this environment, there would be many good teachers who could recommend step-by-step instruction on how to get started. I just don't know what I don't know.
Likely there have been articles written, but finding old articles on SteemIt isn't a lot of fun.
Can some either write or link an article that would be helpful for me and other non-crypto people to get started?
I am now the proud owner of bitcoins thanks everyone. Now I have to figure out how to trade them. lol, bet this is going to go smoothly. I should write a post about it.
Please do. I always enjoy reading about people's trading experiences. I remember when I started getting into crypto last year, what a wild ride it was doing my first few trades. I would recommend starting off small, just take baby steps at first and don't commit a large portion of your funds to any one particular trade. Try trading in lot sizes of 0.05 or 0.1 BTC to start with, then when you start having some successes you can gradually increase that.
If you want to grow your Bitcoin in other ways besides trading, you might consider lending it out to margin traders and pocketing the interest as profit. I wrote an in-depth guide on exactly how to do this using the Poloniex exchange if you're interested: https://steemit.com/bitcoin/@cryptomancer/how-to-earn-passive-income-from-lending-your-bitcoin-on-poloniex
Awesome, thank you
Anybody buying Bitcoin deserves an upvote. Congratulations! May it be a very rewarding experience for many years to come.
Thank you!
I have used coinbase.com for many years for all my BTC <-> USD transactions. I've heard they are not the cheapest option as far as fees, but I consider them fairly trustworthy.
I also rely on Coinbase as one of the main on-ramps into the crypto world. Coinbase makes it dead easy to buy instantly from my bank account. I don't keep a lot of funds in my Coinbase account, rather I use it as a gateway to the fiat world, from which I send purchased Bitcoin on to other exchanges or my private wallets.
Thanks for the suggestions
I use poloniex echange. it is rather reliable and you can trade not only bitcoin but also steems and sbd there. Also I would suggest to hurry up because bitcoin is about to go up and hit new high and after that decline is expected. So be carefull and do not buy at top before decline.
Poloniex is my favorite exchange. I like its UI and charting more than other exchanges I have used. I agree now is a good time to buy Bitcoin. It seems to be breaking upward out of the narrow consolidation range it's been in for some time.
I'm so angry that I don't have more. ..
well, there will be opportunity to buy on decline. Fibo levels will give hint when it is going to happen
I have recently been using Circle. They allow purchases with debit or credit cards. Haven't used them but twice but all went well..
Just transfer from Circle to Steemit wallet..
https://www.circle.com
Excellent thank you.
I started a blog a little while ago on http://mybitcoinprofits.com which covers a lot of the things you will need to know. As for markets I use Bittrex as it gives me a range of instruments i can trade for BTC - e.., Ethereum and ClubCoin from Bitclub Network (where I do my Bitcoin mining)
Exchanging from fiat currency to BItcoin depends on which country your fiat currency is based in. The blog covers some of that but it is not exhaustive as there are so many variables.
I will check it out. Thank you
I think you should ask this question in TheBar channel as well @whatsup, I'm sure someone over there would be interested in writing an article.
Good Idea
@whatsup, thank you for the post. I have no knowledge of bitcoin, so its time to learn.
Yes, it is time to learn more.
I don't like giving out my card so if I want btc I buy with gift cards. You can pick up an Amazon giftcard for $25, remember to pay CASH and keep the receipt because the trader would usually ask to see that. I'd navigate to an escrow place like paxful.com and take a picture of the gift card with the code exposed next to the receipt. Find a trader that is offering a price that I think is reasonable and has some reputation, the rest is a matter of following the prompts, there is no way to get lost if you speak English.
Well, getting the right wallet id was interesting, but everything else went smoothly.
I'm glad it worked out at the end!
you can go to https://localbitcoins.com/?ch=2mb3 and deposite cash in someone's local bank account and they send bitcoin to your walllet. Or some of them will meet you in person and you give them the cash as soon as you see the BTC is in your wallet on your phone. If you don't do that I would also suggest using a pre paid visa card.
Yep I would say this is the best options available, make sure you watch your prices and details closely however, remember all of the traders are private traders. But there is an escrow system in place so there is some good protection.
Yeah they can charge a lot so you have to pay attention but It's really convenient sometimes. I've sold quite a bit on locabitcoins.
Nice man! great seeing you in steemspeak. Just ask away buddy and someone will help. I'm glad to see you got help from others in the community and on your way on the crypto world.
Thank you for your assistance!